Kenya Commercial Bank (KCB) has signed a Memorandum of Understanding (MoU) with Sumitomo Mitsui Banking Corporation (SMBC) effective August 29, 2019.
The MoU was signed during the TICAD7 and will see KCB tap into the Japanese market while SMBC will expand the financial solutions provided to clients that have businesses in East Africa by leveraging on KCB’s office network.
The agreement will pave way for more cross-border trade flows between Japan and the East African region especially in the motor vehicle industry.
Under the agreement, KCB will offer banking services such as banking accounts, cash management, trade finance, and export credit agency to SMBC customers.
Furthermore, the deal will strengthen SMBC’s foothold in Africa as it adds to its representative offices in Egypt and South Africa.